global reach. local touch. - ad pepper group · at (investor relations), ad pepper media provides...
TRANSCRIPT
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Global Reach. Local Touch.
6-Months-Report 2006
32
Company figures
Q2/2006 Q2/2005 Change 1 HY 2006 1 HY 2005 Change kEUR kEUR kEUR kEUR Net sales 10,910 6,411 70% 20,173 11,861 70%Gross margin 5,474 2,689 104% 9,867 5,073 95%EBIT 517 -477 6,764 -500Profit/loss for the period 381 -278 6,466 -122
30.06.2006 31.12.2005 kEUR kEUR Liquid resources* 24,886 17,536Equity 50,657 43,941Total assets 60,741 52,194
Q2/2006 Q2/2005 1 HY 2006 1 HY 2005 EUR EUR EUR EUR Earnings per share (basic) 0.04 -0.03 0.60 -0.01 30.06.2006 30.06.2005 Employees 192 129
* Including short term liquid fixed asset securities and restricted cash
Overview over the main key figures
Dear shareholder,
ad pepper media continues to chart a successful course. Q2 also produced an impressive 70 percent growth in turnover, gross profit and earnings are showing a better than expected trend.
After Q1 was characterised by the extraordinary effect arising from the sale of the stakes in dMarc and Falk, fortunately the focus in Q2 was on day-to-day business. All four business units - media, direct marketing, email marketing and affiliate marketing were able to bask in the glow of equally attractive growth rates.
The business unit – affiliate marketing – newly added through the acquisition of the UK company Webgains, made an imme-diate very positive impact, even though the turnover base is at a comparatively low level. Here imminent internationali- zation will also cause overall turnover to develop well in at-tractive regions.
Crystal Reference Ltd., the company acquired at the beginning of the year is also making great progress and commercial ap-plication of the language analysis tool is expected in the com-ing year. Crystal’s scientifically-based approach to language analysis in conjunction with its superb technology enables us to gain access to the dynamic business field of search engine marketing, since Crystal’s patented semantic targeting is far superior to conventional search optimisation methods.
54
Foreword
The strong positive trend of operating management ratios has continued unchanged. Our growth in turnover has significantly exceeded market growth in our traditional online advertising market. Increasingly optimised and more frequent use of our software platform, webstats4U, has led to an improvement in gross profit, despite an increased premium ratio thanks to mediasquares. These factors have also been evidenced on a sustained basis in the operating results.
ad pepper media is well set for the next quarter and also for the long-term. We have many new products and services in the pipeline, in order to be able to deliver similar constantly improved results to customers and website partners. We have our employees to thank for all of this, and our shareholders can always be proud of their performance.
We look forward to the challenges that lie ahead, whilst in doing so, our current success serves as an additional motiva-tion and affirmation to continue on the path we have em-barked upon, and should like to thank all shareholders for the confidence they have placed in us, and which we will continue to justify.
The Board of Directorsad pepper media International N.V.
Ulrich Schmidt Hermann Claus Niels Nüssler Michael A. Carton
7
Result – second quarter and first half year 2006
The Company’s Q1 success has continued into the current 2006 financial year. In addition to further sustainable growth in turnover and gross profit, newly acquired technology com-panies were successfully integrated and are already positively contributing to ad pepper media’s performance.
For the second quarter of 2006, ad pepper media registered a turnover of 10.910 million EUR, an increase of 70 percent compared with the same period of the previous year (6.411 million EUR). Through the targeted and efficient usage of the proprietary webstats4U network, gross profit for Q2 also increased by 104 percent from 2.689 million EUR to 5.474 million EUR. Also, earnings before interest and taxes (EBIT) significantly increased in Q2 from –477,000 EUR to 517,000 EUR. Thus, consolidated earnings improved to 381,000 EUR from –278,000 EUR in Q2 of the previous year.
The Company’s growth and market dynamics are also re-flected in the half-year results. Turnover generated in the first half-year 2006 amounted to 20.173 million EUR. This corresponds to a 70 percent increase in turnover, compared to the first half-year 2005 (11.861 million EUR); in the same period, gross profit increased by 95 percent to 9.867 million EUR (previous year: 5.073 million EUR). EBIT for the first half of 2006 amounted to 6.764 million EUR, compared with -500,000 EUR in the same period of the previous year. Con-solidated earnings for the first six months of 2006 are repor-ted at 6.466 million EUR (previous year: -122,000 EUR).
As of June 30th, 2006, the Company disposed of liquid re-sources, including short-term liquidisable securities, amount-ing to 24.9 million EUR. The change in liquidity compared with December 31st, 2005 results primarily from the sale of shares in dMarc Broadcasting Inc. and Falk eSolutions AG, as well as the acquisition of Crystal Reference Systems Ltd. in Q1/2006 and the acquisition of Webgains Ltd. during the past quarter.
Business development
ad pepper media realises individual customer marketing solutions for advertisers and their agents in the business sectors media, direct marketing, email marketing and affiliate marketing.
With 18 branch offices in 11 European countries and one in the USA the Company deals with 4 billion exclusive adver-tising contacts each month and has access to several billion media contacts in more than 40 countries via numerous inter-national partners. Adding 3 billion in the US and 1 billion in Asia via partners. That makes ad pepper media to one of the largest international online marketing companies.
The proven cross country sales and service model is interna-tionally adapted and applied in local markets. The Company is marketing leading websites like sport1, map24, maximonline (under the name mediasquares), DasTelefonbuch and Gelbe-Seiten in Germany, Aftonbladet in Sweden, National Geo-graphic in UK as well as national and international websites on specialist subjects and topics.
As a one-stop-shop for advertisers ad pepper media offers a huge range of complete solutions, from campaign manage-ment to reporting – on the basis of the best technologies available. For this, partnerships with leading technology suppliers allow access to state of the art technology. Inno-vative advertising forms as well as a huge scale of efficient marketing solutions – from branding to address generation, opt-in email up to customer acquisition models and customer retention models – which is our core business. With more than 4 million own opt-in email profiles, ad pepper media also boasts one of the largest pan-European email databases.
Already in the first quarter 2006 ad pepper media sold it’s 7.8 percent interest in dMarc Broadcasting Inc. to Google, the 25.1 percent share in Falk eSolutions AG to DoubleClick and acquired Crystal Reference Systems Ltd., including its busi-ness units Crystal Reference and Crystal Semantics. Crystal Reference (www.crystalreference.com) is a leading provider of reference works and knowledge databases, while Crystal Semantics (www.crystalsemantics.com) offers innovative
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6-Months-Report 2006
9
technical solutions for contextual search and advertising prod-ucts. This acquisition expands the ad pepper media product range with contextual targeting services for website admi-nistrators, advertisers, search engines and SEO providers, as well as for advertising networks and adserver providers. Further ad pepper media acquired Webgains Ltd., one of the fastest growing affiliate marketing networks in the UK on May 9th, 2006. This acquisition provides ad pepper media with a sophisticated market place technology and enables into the fast growing affiliate and eCommerce market.
Online advertising
Worldwide user figures and daily online media consumption continue to rise, thus constituting the principal reason for the long-term increase in advertising expenditure and positive growth forecasts for the online advertising market.
In the last few years the most dynamic sectors have un-doubtedly been search engine and affiliate marketing. Here the latter profits from two factors in particular. First of all it profits from the globally increasing share of electronic trading or rather eCommerce. Nearly all major trading companies have recognised that the future of further market growth lies here, and that this channel needs to be developed professi-onally. Furthermore fragmentation of web content also has a very dynamic effect on affiliate marketing, since the millions of small but very good websites generate a much higher level of performance on attractive terms for the advertisers. Slowly but surely traditional portals and more or less static “general interest” websites are losing significance. The publication of web content is increasingly being transferred from editorial teams and large units to individuals, either via chatrooms, communities, podcasting or blogs. Here technologies and ser-vices, which organise and categorise, assure the quality of the unimaginable volume of this individualised traffic and address the right target groups, will gain in significance. The products of Crystal Reference assure exactly these functions. With Webgains and Crystal Reference on board ad pepper media is superbly positioned in this sector to profit from above-average growth.
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6-Months-Report 2006
The classic online advertising segment will however continue to grow, since both prices and the media proportion still pro-vide significant upward leeway.
The share
The trend of the ad pepper media International N.V. share price in the first 3 months of 2006 was extremely positive for both the Company and shareholders. Spurred by the announcement of the sale of the dMarc stake to Google, the price increased in January to above the 10 EUR level, an increase of 34.58 percent. In the following February the price stayed at more or less the same level, ranging between 10 EUR and 10.20 EUR. The announcement of the sale of the Falk stake to DoubleClick and the acquisition of Crystal Reference Systems Ltd. caused a major movement upwards. The share price was quoted at a new five-year high of 12.90 EUR on March 16th, 2006 and closed Q1 at 12.20 EUR.
In Q2 2006 the ad pepper media share price trend was rather less spectacular and showed volatility. In April the price hov-ered around the 12 EUR mark, and despite significantly better than expected quarterly figures, the price only rose hesitantly after their publication. Spurred by the positive announce-ments at the beginning of May (Equinet increased its price forecast to 14 EUR; acquisition of the UK affiliate marketing network Webgains Ltd.) the share was quoted at 12.20 EUR on May 8th, 2006, but could not avoid being overtaken by the subsequent correction of the overall market and fell below the 10 EUR level. In the second half of May the ad pepper media share price recovered and closed at the end of May at 11.09 EUR. At the beginning of June global equity markets were confronted with drastic price slumps, and ad pepper media did not remain unaffected by this development. In the second half of the month the share price saw movement at below the 10 EUR level. A recovery in the overall market only on the last two trading days brought some relief and saw the ad pepper media share price climb. The share price breached the 10 Euro level and closed the month and thus also the first half-year at 10.35 EUR. This corresponds to an increase of 41 percent in the share price in the first 6 months of 2006.
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6-Months-Report 2006
At www.adpepper.com (Investor Relations), ad pepper media provides detailed information about the Company and current developments to interested parties, there is also the opportunity to download financial reports and statements. We are pleased to answer any questions from our investors or other interested parties by telephone or by email.
Outlook
Turnover growth rates in the first half-year have again shown that ad pepper media’s business model is able to outperform the market. Order intake and booking volumes lead us to anticipate a similar development in subsequent quarters, as compared with the corresponding quarters in the previous year. The Company’s profitability should also improve.
Many investors and analysts also share this positive assess-ment, so that we assume further price increases with regard to the ad pepper media share price.
A comparison with the development of the Prime All Share index shows that ad pepper media was able to significant-ly outperform the general business trend with a share price advance of 41 percent (as of 30 June 2006). On the same reporting date, the above-mentioned industry index regis-tered an increase by merely 3 percent.
190 %
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31
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25
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01
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Sh
are
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ce
Date
Share price development: ad pepper media share compared to the “Prime All Share”
ad pepper media share
Prime All Share
Date
EUR 13.00
EUR 12.00
EUR 11.00
EUR 10.00
EUR 9.00
EUR 8.00
EUR 7.00
Sh
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21
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26
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31
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10
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15
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20
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25
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07
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12
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06
17
.03
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06
22
.03
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06
27
.03
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06
01
.04
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06
06
.04
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06
11
.04
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06
16
.04
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06
21
.04
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06
26
.04
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06
01
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06
06
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06
11
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06
16
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06
21
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06
26
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06
31
.05
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06
05
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06
10
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06
15
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06
20
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06
25
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06
30
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.20
06
Share price development: ad pepper media share, 1 HY 2006
1312
Company figures
Q2/2006 Q2/2005 1 HY 2006 1 HY 2005 EUR EUR EUR EUR
Net sales 10,909,751 6,410,669 20,173,179 11,860,788Cost of sales -5,435,304 -3,721,312 -10,306,291 -6,787,408 Gross profit 5,474,447 2,689,357 9,866,888 5,073,380Selling and marketing expenses -2,665,740 -1,743,510 -5,066,313 -3,340,842General and administrative expenses -1,918,772 -1,342,904 -5,344,986 -2,254,633Other operating income 189,397 14,933 294,223 14,813Other operating expense -562,826 -134,623 -831,452 -159,420Equity in earnings of affiliated companies 0 40,000 7,846,082 166,654 Earnings before interest and tax 516,506 -476,747 6,764,442 -500,048Financial gains 143,792 200,285 272,577 384,827 Income before income taxes 660,298 -276,462 7,037,019 -115,221Income taxes -279,440 -1,157 -570,866 -6,900 Consolidated net gain/loss 380,858 -277,619 6,466,153 -122,121 Earnings per share (basic) 0.04 -0.03 0.60 -0.01 Earnings per share (deluted) 0.03 -0.02 0.54 -0.01 Q2/2006 Q2/2005 1 HY 2006 1 HY 2005 shares shares shares shares Weighted average shares outstanding (basic) 10,832,193 10,505,845 10,762,482 10,487,326Weighted average shares outstanding (deluted) 12,046,799 11,345,115 11,922,241 11,314,058
Consolidated statements of operations (IFRS)
1514
Company figures
June 30, 2006 December 31, 2005 EUR EUR Assets Noncurrent assets Goodwill 10,766,069 6,781,488 Intangible assets 7,174,114 4,215,551 Equipment 575,661 449,219 Investment in affiliated company 0 1,208,486 Restricted cash 0 650,000 Marketable securities 5,845,740 4,258,500 Other financial assets 352,142 4,157,705 Deferred tax assets 5,198,833 5,590,230Noncurrent assets, total 29,912,559 27,311,179 Current assets Marketable securities 2,445,000 5,599,802 Trade accounts receivable 10,459,459 10,457,259 Prepaid expenses and other current assets 1,328,182 1,798,300 Cash and cash equivalents 16,595,406 7,027,645Current assets, total 30,828,047 24,883,006 Assets, total 60,740,606 52,194,185 Liabilities and shareholders‘ equity Shareholders‘ equity Share capital 1,115,500 1,115,500 Additional paid-in capital 60,078,447 59,942,263 Treasury stock 149,702 -421,578 Accumulated deficit -9,790,952 -16,257,118 Accumulated other comprehensive loss -895,319 -438,269 Equity of the shareholders of the parent company 50,657,378 43,940,798 Minority interest 0 0Shareholders‘ equity, total 50,657,378 43,940,798 Noncurrent liabilities Deferred tax liabilities 407,158 407,158Noncurrent liabilities, total 407,158 407,158 Current liabilities Trade accounts payable 2,474,775 4,309,571 Other current liabilities 1,405,228 869,302 Income tax liabilities 180,597 110,597 Accrued expenses 5,615,470 2,556,759Current liabilities, total 9,676,070 7,846,229 Liabilities, total 10,083,228 8,253,387 Liabilities and shareholders‘ equity, total 60,740,606 52,194,185
Consolidated balance sheets (IFRS)
16 17
Company figures
01.01.06-30.06.06 01.01.05-30.06.05 EUR EUR Consolidated net gain/loss 6,466,166 -122,121 Adjustments to reconcile net gain/loss to cash provided by/used in operating activities Depreciation and amortization 866,394 379,551 Gain/loss on sale of equipment -63,331 -1,605 Stock option expenses 136,184 27,313 Interest income and expenses -272,577 -384,827 Income tax expense 570,866 6,900 Income from sale of investments -7,811,082 0 Other non-cash income and expenses 290,955 -27,944 Gross-cash-flow 183,575 -122,733 Change in trade accounts receivable -248,221 -251,555 Change in prepaid expenses and other assets 630,116 -262,596 Income taxes paid -109,469 -6,900 Interest income received 201,041 247,984 Change in trade accounts payable -1,920,555 -227,678 Interest expenses paid -8,390 -1,867 Change in accrued expenses and other liabilities 2,804,834 -36,403 Net cash provided by/used in operating activities 1,532,931 -661,748 Capital expenditures for intangible assets and equipment -785,214 -619,623 Proceeds from sale of intangible assets and equipment 104,605 2,542 Capital expenditures in affiliated companies 0 -4,275 Proceeds from sale of investments 12,459,703 0 Security payments/proceeds from repayment security deposits 42,464 -150,567 Repayment of restricted cash 650,000 0 Acquisition of subsidiaries, net of cash acquired -2,341,627 -62,800 Cash paid for acquisition of shares in consolidated companies -3,319,582 -1,260,993 Sale of marketable securities 3,100,500 0 Purchase of marketable securities -1,990,440 -3,000,000 Net cash provided by/used in investing activities 7,920,409 -5,095,716 Sale of treasury stock 308,281 33,545 Purchases treasury stock -402,000 0 Repayment of loan liabilities -152,311 0 Repayment of granted loans 360,000 0 Net cash provided by financing activities 113,970 33,545 Effect of exchange rate changes on cash and cash equivalents 451 46,853 Changes in cash and cash equivalents 9,567,761 -5,677,066 Cash and cash equivalents at beginning of year 7,027,645 15,921,047 Cash and cash equivalents at end of second quarter 16,595,406 10,243,981
Statement of cash flows (IFRS)
1918
Company figures
Statement of shareholder‘s equity
Equity of the shareholders of the parent company
Accumulated other com- prehensive income/loss Share Additional Treasury Accumulated Currency Market Minority Total capital paid-in stock deficit conversion valuation interest capital “available for sale” securities EUR EUR EUR EUR EUR EUR EUR EUR Balance at 01.01.2005 1,115,500 59,727,358 -1,062,920 -19,650,744 -55,127 -23,048 35,695 40,086,714Issuance of treasury shares 198,408 198,408Net loss for the period -122,121 -122,121Stock option plans 27,312 27,312Differences from currency conversion 46,853 46,853Unrealized gain/loss on securities -421,803 -421,803Comprehensive income/loss, total -469,759Balance at 30.06.2005 1,115,500 59,754,670 -864,512 -19,772,865 -8,274 -444,851 35,695 39,815,363 Balance at 01.01.2006 1,115,500 59,942,263 -421,578 -16,257,118 -6,901 -431,368 0 43,940,798Issuance from treasury shares 571,280 571,280Net gain for the period 6,466,166 6,466,166Acquired minority interest 0Stock option plans 136,184 136,184Differences from currency conversion 451 451Unrealized gain/loss on securities -457,501 -457,501Comprehensive income/loss, total 6,145,300Balance at 30.06.2006 1,115,500 60,078,447 149,702 -9,790,952 -6,450 -888,869 0 50,657,378
21
Notes to the consolidated interims financial statements as of June 30th, 2006
20
Crystal reference contributed to the consolidated income of the second quarter with a loss of 155,000 EUR. Assuming that the acquisition had been effective at beginning of the reporting period the proforma revenues would have been 20,223,179 EUR and the proforma net income 6,306,153 EUR.
On May 9th, 2006 ad pepper media announced the acqui-sition of Webgains Ltd. in London. Founded in 2004, the company has focused on providing merchants and affiliates a unique mix of proprietary state of the art affiliate marketing technology and world-class customer service. The Webgains technology – which was designed as a highly scalable plat-form and ready for international expansion - brings to ad pepper media the fruits of many years experience in the affiliate marketing industry.
Basis for the preparation of the quarter-end financial reports
The current half-year financial reports for ad pepper media International N.V. were prepared according to the provisions of the International Financial Reporting Standards (IFRS) as applicable on the closing date and are presented in Euros. The comparative figures of previous periods were deter-mined and adjusted accordingly. The half-year financial reports meet the requirements of IAS34.
Accounting principles
The accounting principles applied to these interims financial statements do not materially differ from the principles as ap-plied for the annual report as of December 31st, 2005.
Business combinations
With effect of March 31st, 2006, ad pepper media InternationalN.V. acquired a 100 percent interest in Crystal Reference System Ltd. The provider of reference content and knowledge databases, who is based in Holyhead, Great Britain also brings its innovative contextual search and advertising technology into the business. The semantic analysis tool is considered to be the first method based on linguistic science. The Texto-nomy solutions have been proven to dramatically enhance search results and contextual advertising.
The preliminary purchase price as of June 30th, 2006 amounts to about 2.2 million EUR. Further payments which depend on the achievement of certain defined targets may still increase the final purchase price.
The purchase price allocation is still pending. The preliminary purchase price as of the reporting date has been allocated based on estimations as follows to the acquired assets and liabilities.
kEUR
Intangible assets 1,639 Equipment 19 Noncurrent assets, total 1,658 Trade receivables 11 Prepayments and other current assets 11 Cash and cash equivalents 87 Current assets, total 109 Assets, total 1,767
Loan liabilities 940 Trade liabilities 9 Other current liabilities 83 Accruals 18 Liabilities, total 1,050 Net assets 717
Carrying amounts of assets and liabilities on the acquisition date
2322
Notes to the consolidated interims financial statements as of June 30th, 2006
The preliminary purchase price as of June 30th, 2006 amounts to 2.3 million EUR. In addition, the share purchase agreement includes an earn-out component depending on achievement of various objectives.
The purchase price allocation is still pending. The prelimi-nary purchase price as of June 30th, 2006 has been allocated based on estimations as follows to the acquired assets and liabilities.
Webgains contributed with a loss of 47,000 EUR to the con-solidated income of the second quarter. Assuming that the acquisition had been effective at beginning of the reporting period the proforma revenues would have been 20,679,733 EUR and the proforma net income 6,470,983 EUR.
The acquisition of Webgains will be combined with a capital increase, where ad pepper media is issueing up to 800,000 new shares within the next time (bringing up the amount of total issued shares from 11.155 million to 11.955 million) to cover among other purposes especially the payment of the Webgains purchase price.
In addition to the above disclosed material business combi-nation, the following minor acquisition had been performed during the first quarter: ad pepper media as of January 1st, 2006 acquired through its Danish subsidiary 100 percent in-terest in GlobaseSolutions AS, Copenhagen, Denmark, which offers permission and multichannel-marketing solutions. The purchase price amounts to 0.5 million EUR. The purchase price allocation is still pending.
During the past quarter, the final additional earn-out pay-ment in connection with the acquisition of ad pepper media Interactive Marketing services srl. in October 2003 has been paid. Thus, goodwill increased by 858,000 EUR.
kEUR
Intangible assets 1,201 Equipment 14 Noncurrent assets, total 1,215 Trade receivables 117 Prepayments and other current assets 11 Cash and cash equivalents -12 Current assets, total 116 Assets, total 1,331
Loan liabilities 206 Trade liabilities 30 Other current liabilities 54 Accruals 1 Liabilities, total 291 Net assets 1,040
Carrying amounts of assets and liabilities on the acquisition date
25
Notes to the consolidated interims financial statements as of June 30th, 2006
Segment reporting
The various products and services of ad pepper media do not materially differ with regards to risk and income. Inter-nal financial reporting as well as the management structure primarily focus on geographical regions. Accordingly, primary reporting is provided for the following summarized segments:
- Central Europe includes Germany, Netherlands and Slovakia - Northern Europe includes Denmark and Sweden- Western Europe includes Great Britain, France, Spain and Italy- USA
24
Sales Q2/2006 Central Europe Northern Europe Western Europe USA Consolidation Group total in kEUR External sales 4,507 1,689 3,963 751 0 10,910Intersegment sales 711 125 220 -29 -1,027 0Total sales 5,218 1,814 4,183 722 -1,027 10,910 Sales Q2/2005 in kEUR External sales 2,006 1,496 2,645 264 0 6,411Intersegment sales 176 43 227 2 -448 0Total sales 2,182 1,539 2,872 266 -448 6,411
Sales 1 HY 2006 Central Europe Northern Europe Western Europe USA Consolidation Group total in kEUR External sales 8,420 3,109 7,072 1,572 0 20,173Intersegment sales 1,131 182 288 -24 -1,577 0Total sales 9,551 3,291 7,360 1,548 -1,577 20,173 Sales 1 HY 2005 in kEUR External sales 3,964 2,479 4,942 476 0 11,861Intersegment sales 217 97 325 2 -641 0Total sales 4,181 2,576 5,267 478 -641 11,861
Net gain/loss in kEUR Central Europe Northern Europe Western Europe USA Consolidation Group total Q2/2006 394 -167 173 4 -23 381Q2/2005 -159 -144 -85 -53 163 -2781 HY 2006 6,488 -387 162 124 79 6,4661 HY 2005 112 -217 -191 -71 245 -122
Sales
27
Notes to the consolidated interims financial statements as of June 30th, 2006
26
Own shares
By shareholders resolution, ad pepper media was author-ized to repurchase treasury stock of up to 1,115,500 own shares. As of June 30th, 2006 the Company held 315,820 own shares at a nominal value of 0.10 EUR each which equals 2.83 percent of the share capital. According to a shareholder resolution those shares can be used for acquisi-tions or stock option plans.
Of the treasury shares acquired by the Company, in the first 6 months of 2006 2,000 shares at an exercise price of 2.73 EUR, 1,600 shares at an exercise price of 1.33 EUR, 41,100 shares at an exercise price of 1.78 EUR and 36,400 shares at an exercise price of 4.45 EUR have been used for the exe-cution of employee stock options. In addition, 65,336 shares have been used as part of the purchase price payment of the stake in Crystal Semantics. The valuation was based on the average trading price of the last ten days prior to closing and amounted to 10.18 EUR.
Sale of investments
During the reporting period, the 25.1 percent interest in Falk eSolutions AG were sold to DoubleClick. ad pepper media achieved proceeds of around 6.4 million EUR through this transaction. Said amount exceeds the book value of the investment as of the transaction date by roughly 5.2 million EUR.
Also in the first quarter of 2006, Google took over dMarc Broadcasting Inc., in which ad pepper media held a stake of 7.8 percent. In the frame of this transaction the reporting Company received a cash inflow of 6.1 million EUR. The gain from the sale of the investment amounts to 2.7 million EUR.
Both deals also contain so-called earn-out components, which may, depending on the achievement of certain tar-gets, result in significantly higher gains.
Occurrences since the end of the second quarter, 2006
No material facts or events are known to have arisen or occurred between the balance sheet date and the final pre-paration of the half-year report.
29
Stock options and shareholdings
As of June 30th, 2006, 2,117,950 stock options exist within the framework of stock option plans. The exchange ratio for each of the stock options is one share per option. The exer-cise prices are in a range of 1.33 EUR and 13.50 EUR.
The following table lists the individual holdings of shares and option rights of the members of the Supervisory and Man-aging Board (directly or indirectly) as well as employees:
Notes to the consolidated interims financial statements as of June 30th, 2006
28
Number of employees
At the end of the second quarter 2006, ad pepper media engaged 192 employees (June 30th, 2005: 129 employees).
Shareholdings Options as of as of 30.06.2006 30.06.2006 Members of the Managing Board Ulrich Schmidt 612,762 273,000 Hermann Claus 51,808 223,000 Niels Nüssler 38,113 296,500 Michael A. Carton 73,703 214,000 Members of the Supervisory Board Michael Oschmann 7,786 0 Dr. Günther Niethammer 1,112 20,000 Jan Andersen 0 0 Merrill Dean 0 0 Associated companies EMA B.V. 4,743,201 0 Viva Media Beteiligungsgesellschaft 5,100 0 Euroserve 13,780 0 Grabacap AS 534,600 0 Employees 1,091,450
31
Company calendar/ Publisher’s notes
Company calendar
All financial and press data, which are relevant for the capital market, on a view:
6-Months-Report 2006: August 23, 20069-Months-Report 2006: November 27, 2006
Analyst´s conference: November 27, 2006(German Equity Forum, Frankfurt/Main)
2005 annual report and 2006 quarterly reports
We will gladly send you our 2005 annual report as well as our quarterly reports 2006 in German or English. These reports are also available for immediate download as PDF-files (Acrobat) at www.adpepper.com, Investor Relations, “Financial Reports”.
Investor Relationsad pepper media International N.V.Anna-Maria SchneiderManager Investor RelationsDeutschherrnstraße 15-19D- 90429 Nuremberg
Phone: +49 911 929 057 0Fax: +49 911 929 057 312
Email: [email protected]://www.adpepper.com
Publisher’s notes
Published byad pepper media International N.V.Deutschherrnstraße 15-19D- 90429 Nuremberg
Phone: +49 911 929 057 0Fax: +49 911 929 057 312
Email: [email protected]://www.adpepper.com
Joint-stock company (N.V.)Corporate seat: Amsterdam, The NetherlandsNuremberg branchPrime Standard, Frankfurt Stock Exchange, Security identification number: 940 883HRA Nuremberg 17591Ust-ID-Nr.: DE 210757424
Managing BoardUlrich Schmidt, ChairmanHermann Claus, FinanceNiels Nüssler, SalesMichael A. Carton, Business & Product Development
Graphics and realization: curt Media GmbH
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ad pepper media International N.V.Hogehilweg 15NL-1101 CB Amsterdam